Polish CFDs and retail FX broker XTB released its preliminary financial results for the first half of 2023. According to the official numbers, the company’s revenue for the first six months of the year saw a decrease on yearly basis.
In the first half of 2023, XTB’s operating income was PLN 818.9 million. The company registered 2.1%YoY fall compared to H1 2022. Net profit for the period stood at PLN 421.0 million, registering a 12.2%YoY drop compared to the same period the previous year.
XTB registered a record 167,000 new clients in H1, seeing a 65.5%YoY surge from the same period the previous year. The Warsaw Stock Exchange-listed company’s active clients also jumped to 274,450 by 44.4%
However, XTB’s CFD profitability per lot, representing the profit on a per-trade basis, experienced a 17.4% YoY decline, reaching PLN 226. This decrease occurred despite the company’s noteworthy 18.5% YoY increase in CFD volume, which expanded to 3.6 million by the end of June.
The company stated:
In the first half of 2023, the Group’s revenue decreased by 2,1% y/y, from PLN 836,2 million to PLN 818,9 million. Contributing to this decline was a lower profitability per lot of PLN 48, amounting to PLN 226 (H1 2022: PLN 274). This decrease is mainly the results of lower volatility in the financial and commodity markets in Q2 2023, compensated in part by the constantly increasing number of new clients (increase by 65,5% y/y), combined with their high transactional activity expressed in the number of CFD contracts concluded in lots.
Earlier this year, XTB reported a strong performance in Q1 with net revenue rising nearly 20% to PLN 302.8 million.
